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Waltons Wiki
Welcome to the Waltons Wiki This wiki concerns the past, present and future of the Waltons building (formerly Overells Building) in Fortitude Valley, Brisbane, Queensland, Australia. Fortitude Valley has seen an enormous change in appeal over the last 50 years mirrored in urban areas throughout the western world. From being highly desirable as both a retail and residential area between the 1890s and the 1950s, the area struggled with the rise of the more popular suburban shopping and residential areas. The area lost both shoppers and residents in huge numbers until it became synonymous with undesirable inner city vice in the 1970s. Properties were largely not maintained by uninterested owners, eventually offloaded and cheaply bought. In the 1980s, the Brisbane City Council began a series of revitalisation programs to 'clean up' the area which continues today. Fortitude Valley is now perceived as a 'character' area and is more popular as a residential and retail area. A university lecturer and two nurses who are sisters built a property empire in Brisbane, Ipswich and Toowoomba starting in the mid-1960s. Their current residential portfolio of more than 35 properties was almost all acquired by the early 1970s. They acquired the Waltons building in the mid-1980s. It has been largely empty since 1988 and has fallen into disrepair. In contrast, the Brisbane City Council Fortitude Valley Local Plan states: "Landmarks and vistas of local and city wide significance must be maintained and enhanced. Significant landmarks include, but are not limited to ... McWhirters, Waltons and TC Beirne buildings." So what has happened? Only public sources have been used in the research for this wiki, including: *Newstext searches for early Courier Mail and City News articles (1984 onwards) *State Library of Queensland: Historical White Pages, telephone directories, electoral roll in microfiche form, and databases for newer Courier Mail and City News articles *Queensland State Archives for the Mount Cathay lease information from 1984-1988 *National Archives for immigration files *University of Queensland Libraries: catalogue, SS&H (UQ Calendar, electoral roll in paper form), Engineering & Science and Fryer *Zentralblatt for mathematics papers *Australian Securities and Investment Commission and Australian Business Register for company information *CITEC Confirm for Queensland property, title and ASIC company searches. If you have publicly available information about the site lease terms (for example, Crown lease information) please start a new section below. *Google, especially Google Books and Google Scholar for mathematics papers *National Library of Australia Trove for Brisbane Courier, Courier-Mail and The Queenslander articles (1893 to 1954) *Brisbane and Gold Coast City Council Planning and Development sites *Brisbane City Council Libraries for physical heritage register and online photos of the Valley *Brisbane City Council Heritage Register *SkyscraperCity discussion boards *Queensland Department of Environment and Resource Management Valuation site *brisbanetimes.com.au , Courier-Mail and The Independent articles and discussions *Queensland e-courts party search Addresses 240 Brunswick Street, Fortitude Valley ("I Life Factory", "Voodoo Lulu", "A and J Trading"). The Unimproved land value was $6,200,000 as at 30 June 2010 (valuation date 1 October 2009); site value $5,500,000 (valuation date 1 October 2010). 240brunswickstreet.com is the home page of the associated real estate agent. 238 Brunswick Street, Fortitude Valley 250 Wickham Street, Fortitude Valley ("Overell Building") 248 Wickham Street, Fortitude Valley (formerly "Hyundai Gift Centre", now at 200 Wickham St) Timeline *1883. Overells established by William James Overell (1854 - 1917) at 700 Ann Street, the corner of Ann and Warner Streets, afterwards occupied by Wildman Bros Plumbers and BCC Stores. *1893. 8 February. Flooding: Brisbane Courier: "Overell and Co. and Jack and McKenzie's have suffered extensive losses..." *1899. 6 July. Brisbane Courier: "... in Brunswick-street, and near the junction with Wickham-street, large two-story brick premises are being erected for Overell and Co., drapers. The premises will have three entrances, and will be an imposing block, and a decided addition to that portion of the city. The frontage is 99ft. The Bank of New South Wales is placing bank premises on the adjoining land, and at the corner of the streets; there will be two stories, the lower being used for banking, and the upper for residence purposes." *1900. 28 July. Overells opens at its current location in Wickham St and Brunswick St. The Queenslander: "One of the most important landmarks in connection with the present progress of Fortitude Valley is unquestionably the handsome premises recently erected in Brunswick-street, close to the corner of Wickham-street ... An exceedingly handsome building has just been completed; indeed for the purpose required it is quite equal to anything in the city of Brisbane. ... The frontage and magnitude of the promises exceeds anything built here for very many years. The building is of brick, and has the facade to Brunswick-street finished in cement and divided into three bays of 33ft. each ... Although the premises present two stories only to Brunswick-street, the building is really of three stories, as the drop in the land enabled a lofty and well-lighted basement to be secured, which is approached on the level from the yard and rear roadway." *1904. 10 February. A fire extensively damages the store. Brisbane Courier, 11 February: "The handsome and valuable pile of buildings comprising three stories and a basement and with a frontage of over 100ft to Brunswick street, were doomed to destruction. At a quarter before 9 o'clock the premises of Messrs. Overell and Sons had stood forth proudly as one of the foremost of the large drapery establishments which during the last couple of years have earned for the Valley the reputation of being the principal shopping centre of Brisbane. Two hours later it was a heap of smoking ashes, standing in the midst of other establishments all more or less damaged." *1904. 1 December. Brisbane Courier: "The new premises now completed for Messrs W. J. Overell and Sons, instead of those destroyed by fire in the beginning of the year, presented a very busy appearance yesterday morning when visited by a "Courier" representative. Three large entrances give access from the street frontage…. The show windows are nine in number, and are fitted with handsome nickel fittings, and lined with mirrors. When filled with their first display of goods they will form a very attractive feature in this portion of the Valley. A handsome arched awning covers the footpaths, large arc lights illuminating the whole length of the front." *1906. 3 October. Brisbane Courier: Overell's Chairman: "We have now commenced the erection of our new premises in Wickham street connecting at the rear with our Brunswick-street premises which will give us an arcade from the two streets named and when completed we will have premises if not the largest at least equal to any in the city of Brisbane in the drapery trade, and where we will have better facilities for coping with our increasing trade." *1907. 28 February. Brisbane Courier: "W. J. Overell & Sons, Limited, The Valley Drapers, announce for Friday and following days "A Gigantic Sale" to celebrate the opening of their new premises in Wickham-Street." *1907. According to the Brisbane City Council Heritage Register for the former Overell Building the current store is constructed -- referring to the Wickham Street building. The date was previously "c1911" until adjusted on 6 October 2011 based on research performed for this wiki. *1923. 24 September. Brisbane Courier: "The present policy is one of extension, and within the last few months adjoining property has been purchased at a very heavy cost with the idea of extending the company's premises. The addition to the business was found absolutely necessary because of the growing trade. It is also contemplated shortly to alter the windows in Wickham street and to install a very handsome island window scheme in that street. ... If its present policy and intentions materialise, one should see a big development and extension to the premises and business in the near future." *1924. 6 March. Brisbane Courier: "Valley Business Freeholds for Sale. Mr. B. F. Canniffe, conveyancer and auctioneer, will sell by auction. at 11 o'clock this morning, the valuable business freeholds known as Bragg's buildings, in the heart of the Valley, having a frontage of 35ft. to Ann-street, and 54ft. to Warner-street." *1927. 14 September. Brisbane Courier: "The rapid expansion of the business of Overells' Ltd., Wickham-street, Valley, has necessitated increasing the height of the firm's drapery emporium to five stories above the basement. ... Special lavatories for customers also have been constructed over that portion known as "Bragg's Building," which was purchased by the firm a few years ago." *1928. 30 August. Brisbane Courier: "Overells' Ltd... have completed the purchase of the adjoining premises in Brunswick-street, occupied by Whincup and Co.... with its frontage of 66ft.... its continuous level frontage of 198ft. in one street in addition to the frontage of 54ft. in Wickham-street, will have few equals in the Commonwealth. Their present premises of five floors and a basement, together with the two floors and basement of the recently purchased building, will give the firm a floor space of 144,000 square feet 13,400 square metres." *1953. 5 November. Courier-Mail: John H. Dawson: "Waltons planned to open branches in every big centre in Queensland. The company would first open four Queensland stores —at 240 Brunswick Street, Valley ..." *1953. 17 November. Courier-Mail: "Waltons require experienced furniture section head ... Reply to ... 240 Brunswick Street, Valley." However, ads for Amalgamated Retailers positions at 240 Brunswick Street appear as late as 31 December 1954 which is the last day for the Courier-Mail in the Trove archive. *1954. 2 November. Courier-Mail: "Amalgamated Retailers Ltd. yesterday became Waltons Ltd. as shareholders sanctioned the second change of name in three years." *1956. 1 April. Overells bought by Waltons - according to McWhirters Page and delisted companies. Also from delisted companies it can be seen that at various times from 1926 to 1989, the company was known as Waltons Bond, Waltons-Sears, Cash Orders (Amalgamated), Amalgamated Retailers, and Bond Corporation Holdings. The original name of Waltons was Cash Orders (Amalgamated) which was founded in 1926. *1973. 8 March. Whiskey Au Go Go nightclub fire in Fortitude Valley, referred to by Mount Cathay in 2009 complaint below. *1976. 13 May. The Brisbane City Council writes to Waltons and approves their request to close Overell's Lane to vehicular traffic. Mount Cathay refers to this letter in 2009 complaint below. *1983. 17 October. CNS Holdings Pty Ltd and JNL Management Pty Ltd are established. *1983. 1 November. Mount Cathay Pty Ltd is established. *1984. 28 March. Mount Cathay leases the buildings to Waltons Stores for three years starting at $330,000 / year increasing by 5% a year. Edmund Thomas Traynor (director) and Keith Robert Stewart (secretary) sign for Waltons and Joyce Lee (director) and Nancy Lee (secretary) sign for Mount Cathay. *1984. 6 April. Courier Mail: "THE Waltons-Bond property at the Brunswick and Wickham Street corner, Fortitude Valley, has been sold for $2.65 million.The property, with about 13,000 square metres of retail, office and storage space, was sold by Amalgamated Securities Limited and Overells Limited Overells being delisted in 1956?, on a leaseback deal to Waltons Stores (Interstate) Limited. Agent Tom Chan and Associates would not disclose the identity of the buyer." *1987. 28 March. The lease is renewed for two years at $377,900 / year increasing by 5% a year. Edmund Thomas Traynor and John William Long sign for Waltons and Nancy Lee (attorney) signs for Mount Cathay. *1987. May. Waltons becomes Norman Ross. *1987. 21 August. Comino solicitors write to Dawson Waldron that the rent hasn't been paid. *1987. 8 October. Comino: "there is an alleged Legionaires (sic) Disease problem with the air conditioning plant". *1988. March. Norman Ross has its closing down sale. The lease is assigned from Waltons to Venture. *1988. 20 April. Comino: "Your client clearly is obliged to maintain the premises and to keep them free and in repair." (!) *1988. 13 May and 16 May. Comino solicitors writes to Blake Dawson Waldron: "Many areas of the building are untidy ... The building is being allowed to fall into disrepair ... flooding has been caused in the basement area" (!!) *1988. 3 June. Builder Ron Neal does an inspection for Mount Cathay to report on the condition of the building. *1988. 14 June. Mount Cathay issues a writ against Waltons, Norman Ross, and Venture Stores seeking "An injunction restraining the defendants ... from damaging demolishing removing or otherwise interfering with the fixtures and fittings and other property of the Plaintiff": "the premises are untidy and unclean ... the activities in the premises cannot by any stretch of the imagination be described as "a retail department store of a comparable department store operating in the metropolitan area of Brisbane" ... under the terms of the lease, your client is to maintain the interior and exterior of the premises in good and substantial repair and condition" (!!!) *1988. 20 June. Judgment issued: "Defendants are restrained from damaging, demolishing, removing or otherwise interfering with the fixtures and fittings and other property of the Plaintiff." *1989. 24 November. Courier Mail, letter to the editor from Jeanette Smith: "It makes me sick to see what the Waltons store has been reduced to when I remember how lovely it was a few years ago. How on earth were so many fifth-grade, little businesses allowed to operate in one area? A mish-mash of junk surrounded by dirty, dung-colored buildings. I felt dirty just being there." *1991. 10 July. Green Left: "Valley of indecision: Household names — McWhirters, Overells, T.C. Beirne — have been displaced by decentralised establishments, the landmark buildings remaining amid smaller commercial premises, many of them run-down and emptying one after the other. ... With the long view characteristic of Chinese business, Hong Kong interests own a great deal of real estate in the area." *1991. 26 July. Mount Valley Management Pty Ltd and Mount Valley Pty Ltd are established. *1991. 10 November. Courier Mail: "A 34-storey residential building over the Fortitude Valley railway station in Brisbane has been proposed to bring residents back to the area. ...Mr Keith McDonnell, a director and spokesman for the company proposing the development, Mount Valley Management Pty Ltd, said the development was proposed for the former Waltons building site. …The residental tower will cater for a maximum of 500 people. He said such a density was the only way to ensure viability of the project. The retail arcades connect to Brunswick and Wickham Streets and the Valley Centre Plaza and provide access to the Brunswick Street Railway. ... Ald Soorley said yesterday the building did not have City Council approval and in its existing form fell outside the guidelines of the Town Plan. We are interested in facilitating development of the Valley which is both sensible for the city and profitable for the developer, he said." *1991. 17 November. Courier Mail: "THE Fortitude Valley trader association responsible for the marketing and management of the Valley and Chinatown malls has put its weight behind a proposed 34-storey residential and retail development for the area. Mount Valley Management Ltd outlined its plan for the $40m development on the old Waltons building site last week. In a letter to the company, Valley Business Association president Mr Richard Zammit said the association was happy to see some firm progress in the area of development of disused sites in the Valley region. Mr Zammit said the proposed project had the ability to be the major catalyst for other development in the area. " *1993. 8 August. Courier Mail: "There is also speculation that a major residential building over the Fortitude Valley railway station proposed for the former Waltons site is being revised after initial rejection by the council. The project initially knocked back was a $40 million 34-storey building with a residential tower component. A revised development proposal for the site is expected to be put forward in the near future." *1997. 4 July. Courier Mail: "TWO of Fortitude Valley's landmark properties, the former Waltons department store site and the Sunday Sun premises, are on the market for redevelopment in what has become a burgeoning urban renewal precinct. Vendor Mt Cathay Pty Ltd is offering the property freehold under two purchase scenarios." See 1997 Courier Mail article. *1998. Mount Cathay starts complaining about their neighbours at 256 Wickham Street. *2005. 3 October. Mount Cathay writes to James Heading of the Brisbane City Council (complaints concerning Overell's Lane, see below). *2006. 5 March. Sunday Mail: "Drug dealing, fights, drunkenness . . . it's our 100m of misery. DRUG pushers ply their trade in the open as shoppers brush by, arguments break out as deals go bad, drunks slump unconscious in doorways -- all within metres of a manned police beat." *2006. 16 March. City News: "A commercial landlord has come under fire for allowing a Fortitude Valley strip to descend into a haven for drug-dealers and other anti-social behaviour." See 2006 City News Article. *2008. 24 June. Skyscrapercity.com: "another part of the building they can fix up is the line of 2 dollars shop sic and the westpac building. aparently sic a cranky old asian man owns it and he dosnt sic want to do jack." *2008. 18 July. Mount Cathay writes to Jane Prentice of the Brisbane City Council (complaints concerning Overell's Lane, see below). *2009. 5 November. An anonymous Mount Cathay Pty Ltd "liason" sic officer complains to the BCC (Development application A002228766): "Grave concerns supported by photographic evidence were raised on public health and safety in OVERELL LANE caused by the occupiers of 256 Wickham Street. ... There were numerous correspondence and evidence sic to show Overell Lane was severely damaged by construction work in 2006 carried out by the proprietor of 256 Wickham Street. The property of Mount Cathay Pty Ltd. was unlawfully trespassed sic and damaged during the said work. The ongoing issues of safety and maintenance on Easement no. H243890 since 1998 with the Grantee, the Body Corporate of Happy Valley BUP 102240, as shown by many correspondence. sic" *2010. 29 September. Courier-Mail: Douglas Wood of Boondall wrote: "When I was a young bloke, I often went to the Valley which was a major shopping centre. The shops were clean and well presented. I am disgusted with the Valley as it is now. It is filthy, smelly, the shops look dirty and rundown and in need of fresh paint. There are ripped and torn posters hanging everywhere. I don't know who is responsible but someone needs to get their act together and restore the Valley to what it once was." *2010. 9 October. Courier-Mail: Margaret Lane of Curra wrote: "Walking towards Fortitude Valley station, past the old Waltons store, is sickening. It is sad to see it go this way. We too will not be going there again. It is not inviting at all." *2011. 30 March. Independent: "A long-term and respected local business identity wants Fortitude Valley rid of the eyesore Waltons building – either cleaned up or preferably redeveloped – and support for his campaign is spreading." See Independent article *2011. 12 May. Brisbanetimes.com.au publishes an article on how to fix the valley mall but many comments call for cleaning the Waltons building. David Hinchliffe of the city council responds: "Council does NOT have the power to make the owner of the Walton's building renovate or re-develop. Council's powers in relation to the outward appearance of buildings are limited to buildings that front the malls. I've suggested that we seek powers from the State to allow Council to have such a power outside the malls." John Fraser of Kedron responds: "The BCC has more than enough powers to issue Show Cause Notices on the Waltons building." *2011. 14 June. City News publishes an article: BRISBANE'S Fortitude Valley is descending into filth. "Cr David Hinchliffe cited the arcade from the Valley Metro train station and across the air-bridge to McWhirters as a private property area in a constant state of filth and disrepair. "Broken glass, bodily fluids, litter, rotting foods, you name it, it's there," he said." *2011. 4 July. The Independent publishes an article about the correspondence between Jack Moc and Greg Scroope. Mr Scroope said he had met 10 days earlier with property owner Jack Moc who “owns the building that holds Cafe One and who has the administrative and management rights for the area between the air bridge linking McWhirter’s through to the Valley Metro Shopping Centre”. David Hinchliffe talks about "asking council for a ruling on whether council does have the power to make property owners in the Valley clean up filthy premises." *2011. 7 July. David Hinchliffe speaks to The Independent again: "There are some property owners who are simply holding the Valley back. If properties look unloved as many properties in the Valley do, then it sends the wrong message to everyone else in that community." *2011. 20 July. The Independent addresses Jack Moc on the front page asking him to "Come Clean" about the state of the walkway from the Valley Metro to Wickham Street. The editor offers him space in the 3 August issue to respond. *2011. 7 September. The Courier-Mail publishes a story about Grace Grace , the Member for Brisbane Central, describing some buildings of Fortitude Valley as "derelict and filthy". Pictures of the Waltons building feature prominently in both the online and paper versions. The Hansard transcript is available on the Queensland Parliament website. "The Brisbane City Council is taking no action on derelict and filthy buildings and public spaces, giving visitors to the Valley a very bad first impression, and as we know first impressions often last." *2011. 8 September. Barbara May Hosking of Mt Gravatt writes to the Courier-Mail : "The once popular Waltons department store is the worst example of neglect. I am passionately against such neglect and feel that legal action should be taken against the council and owners/developers for allowing eyesores to continue." *2011. 10 September. Richard Bean of Toowong writes to the Courier-Mail : "THE former Waltons building in Fortitude Valley has been largely empty since 1988. This building and surrounding areas certainly live up to the description of derelict and filthy." *2011. 14 September. The Independent publishes a front page story: "Pressure now mounting on Valley eyesores" . David Hinchliffe suggests an open letter to Premier Anna Bligh and Lord Mayor Graham Quirk "asking that both sides send their top decision-makers and legal brains down to the Valley to meet on site with business and property owners and decide once and for all who has the power and who has the will to use it!" *2011. 28 September. The Independent: "Local council candidate Paul Crowther has called on the City Council to stop the "buck passing" and get on with cleaning up the Valley. He says his call follows advice received from the State Director-General of Local Government. In a letter from Jack Noye, Queensland Government Director General of Local Government and Planning to Colin Jensen CEO of Brisbane City Council, Mr Jensen says the BCC has the power to clean up the Valley under the Building Act 1975, where the council reasonably believes structures are dilapidated or filthy. ... Mr Crowther points to the abandoned, filthy and dilapidated Waltons building as a prime candidate for the Lord Mayor to immediately issue enforcement notices and direct the building owner to undertake cleaning and maintenance work." .... Robin Maini, Winning Appliances Queensland: "It is refreshing to see the urgent call to action to refurbish dilapidated buildings. ... Winning Appliances and Bathrooms ... have transformed whole block between Alfred and St Paul's Terrace. ... I am personally happy to assist in the effort to get the message across to owners and businesses alike if you are forming a committee regarding the issue." *2011. 29 September. City News: "THE State Government has suggested Brisbane City Council write a new local law to force substandard Fortitude Valley landlords to clean up their act. Lord Mayor Graham Quirk said while he was open to the idea, State Government processes to approve a local law usually took over a year. Cr Quirk said the former Waltons site on Brunswick St was a concern but contact with the owners, who lived overseas, was difficult. In a statement to City News, Cr Quirk said he was meeting with Waltons: ‘‘I am determined to pull every lever available to me to solve this problem but we can’t just wash our hands of the issue for 12 months while we wait for the State to approve a local law.’’" *2011. 5 October. Lord Mayor declares war on rundown buildings in Fortitude Valley. "Lord Mayor Graham Quirk yesterday named the rundown Waltons Store as one of city's biggest problems as Fortitude Valley tries to recapture its strengths. "There has been a 20-year fight going on with a couple of the landowners in Fortitude Valley and I am about to resurrect those fights," he said." The article uses information from this timeline and Brisbane Times has approached Nancy Lee, the sole director of Mount Cathay Pty Ltd, for comment. Brisbane City Council inspectors have been at the building on 4 and 5 October. Pictures In May 2011, nathandavid88 took nine pictures of the exteriors which are available at Skyscrapercity.com. He updated the photos in September 2011. Other photos can be found at Degilbo's Flickr site (1959), SkyscraperCity (2006 and 2008), rik_kishay's Flickr site (2008), sleeplessnightsandcitylights (2010) and brisdailyphoto (2010), and through Trove (which also indexes many older BCC photos). People and companies The building is currently owned by Mount Cathay Pty Ltd as written about in a 1997 Courier Mail article and a 2006 City News Article. Mount Cathay Pty Ltd is presumably named after Mount Street, Toowong, where the Lees live / lived and they and their companies own six of the 26 properties. The sole director of Mount Cathay Pty Ltd is Nancy Lee, who is also a director of JNL Management Pty Ltd. Presumably, JNL refers to Joyce and Nancy Lee. CNS Holdings Pty Ltd (presumably standing for Chiu and Nancy) is a member of Mount Cathay Pty Ltd. CNS Holdings, JNL Management, Mount Cathay Pty Ltd, Mount Valley Pty Ltd, and Mount Valley Management Pty Ltd have equivalent ASIC histories since 2005. Mount Cathay Pty Ltd is, or has been, associated with Chiu-Fan, Nancy and Joyce Lee. Mount Cathay Pty Ltd and Chiu Fan Lee have been involved in several legal cases in the Queensland District and Supreme Courts since 1988. Questions The research raises many questions: *What drives people to "collect" properties on this scale? What is the point? Can they take the properties with them after they die, or leave them to their family? Shouldn't wealth be used for the betterment of society instead of just enriching oneself or hoarding? *Why doesn't the owners' self-interest work in the case of the Waltons building? Why don't they clean it or attempt to redevelop? Is part of the reason they don't do anything due to having been able to remain "anonymous" until now? *A land tax would prevent this kind of speculation or land banking from occurring in the first place. Is a land tax or council / government intervention the only way to solve this problem? *After lives spent helping people in a productive capacity nursing and teaching, is the Lees' legacy just going to be this rundown building? Is this what people will remember them for? *Do enough people know about searches like CITEC Confirm for property? Should property data be available at even lower cost to the public? What to do The current condition of the building shows a great lack of imagination and creativity on the part of the owner. It is inertia on the part of the community that allows him to continue doing nothing. Imagine what Brisbane would look like if all owners kept their buildings in such a condition, speculating in the hope of capital gain. *Who can do something? Even with current by-laws, just based on a cursory inspection of the lane, the ceilings in the Brunswick St stores, and the exterior of the Wickham St building, there are numerous health and safety problems. However, the BCC seems unwilling or unable to issue a Show Cause notice. *Perhaps the council or state government needs more powers to force owners to fix dilapidated buildings. In the Independent, James Delahunty has suggested council or state legislation similar to the "Building Act 1984" in the UK could be enacted here. Section 79 of this act gives the local authority powers to require the owner to repair dilapidated buildings or demolish them. *The opportunity costs of keeping five floors of the Wickham Street building (~10,000 square metres) empty must be high. Something very strange is going on. Seeing the large amounts of water dripping down from the top of the Wickham St building (visible from Overells Lane), one wonders how much of the rates + water + electricity bill is covered by the rent received. *Geoff Dick commented: "(Dr Lee) just hangs  onto the buildings till they go up in value.". Hence, a recession / depression or a land tax could fix the problem. But it's been 27 years, don't hold your breath. Category:Browse